NFT Boom: OpenSea Surpasses $3 Billion Monthly Transaction Volume in August
In a record breaking report, OpenSea, an NFT trading platform recently crossed the $3 billion mark in monthly trading volume for the month of August. A triple increase from its last milestone of $1 billion as of August 18.
OpenSea has grown to become the NFT marketplace giant with consistent records in daily and monthly trading volumes. The month of August has shown impressive stats for the platform as it saw over 9 times increase in volume of transactions when compared with the month of July.
It’s growth in the NFT marketplace has not only become beneficial to NFTs themselves but has also provided unprecedented exposure to tech companies venturing into the NFT industry. According to CoinMarketCap, OpenSea has become the main base for NFT transactions with a market share value of 96.3%.
The platform processed over 2 million transactions with nearly 190,000 users. OpenSea is said to be looking to expand its team as 98% of the trading volume is handled by all of its 37 employees. Yet, it is important to note that this is an impressive feat for a platform with such team capacity.
The recent feat achieved by OpenSea only further paints a clearer picture of the growing interest in NFTs. Only recently, Visa, one of the giant payment tech companies, purchased a CryptoPunk for $150,000 in ETH. And this is one of the many major investors that have been making their way into the industry.
NFT offerings are a hot trend now. Art galleries, auction houses, sports brands, entertainment brands and many more have already begun offering NFTs and services.
The team behind the CDzExchange project, the DJs of DeFi also recently launched its exclusive “DJ Fox” NFT avatar and was sold for over $30,000 to the largest NFT collector in Asia, CoinUnited.io.
It is getting wild in the NFT marketplace and the stats rolling in are enough to make you have FOMO. Part of the reasons for this new craze for NFTs may be as a result of investors looking to diversify their investments in crypto without necessarily having to convert their assets back to fiat currencies. Also, just like in the art world, a majority of these NFTs do hold value that could potentially rise over the course of years. Besides, some just like being collectors and the unique features of NFTs make it even more fun to collect.
However, there are speculations that may only be just a bubble awaiting its burst. The contrary may be the case considering the many various potentials of NFTs. The applicability goes beyond just gaming, arts and collectibles. Real world assets can be digitized via NFTs and could serve as a way to prove ownership. Not only that, companies could also incorporate NFTs in their logistics by using them to represent products and track their information. There are many other use cases for NFTs which is what makes them highly attractive.
As with all new techs, there will always be speculations. NFTs are no exception. However, the industry doesn’t appear to be slowing down anytime soon given the current growth rates and sales volume increase. Time and creativity are the essential factors here and it looks like the NFT industry is gradually making adjustments and improvements to ensure its longevity.